6 Mistakes a Business Owner should avoid at all costs

Whether you are just starting up or have been in business for years, you might overlook certain
things and make your business suffer in the bargain.
These are some learnings I have from my own experience and things that I gathered from
speaking to multiple entrepreneurs. I have chosen 6 most common ones and they are as

1. Trying to cut corners
A businessman’s primary objective is mostly to maximise profits by minimising expenses
and thus to do that he tries to do everything by himself or tries to get all activities done within the
company itself.
Take for example, Mr.X, owner of ABC Pvt. Ltd. would spend 3-4 man hours weekly designing
his social media creatives because he thought hiring an agency would make a dent in his
profits. In the bargain, he lost precious time that could be engaged in business building activity.
A business owner must always engage in activities that will build business and allow expansion,
rest all activities must be delegated or outsourced.

2. Being madly in love with your product
When you create a product or you bring a product in the market you are bound to be
biased about it. But to be blinded by love is another thing altogether. A business owner should
be equally critical of his product / service and at all times look forward to improving his product
or upgrading his service. To be egoistic about your product is akin to welcoming doom.

3. Underestimating competition
Underestimating competition is not only a mistake but also a serious risk in business.
Underestimating comes from a narrow perspective, and often means that you are totally biased
and don’t have an understanding of the ground reality. It causes you to ignore your blind spots
and lose focus.

4. Not setting goals
“Setting goals is the first step in turning the invisible into the visible” We must
know where we are head, or else every step is taken towards a directionless walk.
Goals help you take specific actions and make your business run on a specific path. A
business without goals is no business at all.

5. Having incompetent employees
Human Resource is one of the biggest powers a company can have if selected
right. Employees that are not the right fit for the job are stopping the company from
progressing to the next level. A lot of money and time is spent on a wrong hire.
However, an employee can be trained in skill but can’t be trained for attitude. As it is
rightly said, hire for attitude and train for skill.

6. Not knowing your audience
Your target audience cannot be every person. No matter how broad your
customer base may be, there’s always a way to break it down – and that’s a good thing.
By narrowing your target audience down to 3-5 groups, you’ll better understand your
audience and create content that resonates with them. Resonating can lead to trust,
which often leads to sales.

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